Stock market news: The Indian stock market had a good finish on Friday, with the Nifty 50 rising 125 points, or 0.49%, to close at 25,709, and the Sensex rising about 484 points, or 0.58%, to reach 83,967. After a slow start due to weak Asian markets and geopolitical concerns, this surge was driven by significant closing purchases in big businesses such as Asian Paints, Bharti Airtel, M&M, ITC, HUL, and Reliance Industries. Leading industries including banking, cars, and FMCG helped to fuel the advances, but the IT and media sectors were somewhat impacted by the poor quarterly performance.
Market participants are expected to keep a tight eye on the next Q2 earnings reports, particularly from large banks, and will react to any noteworthy developments in the US-India trade discussions, according to Abhinav Tiwari, Research Analyst at Bonanza. Although the uncertainties in global markets and the challenges posed by IT earnings may lead to higher volatility, Tiwari maintains a cautiously positive stance that is ascribed to consistent institutional backing, diminishing macroeconomic constraints, and seasonal advantages.
Monday’s Trade Setup
Since the index has risen above its four-month consolidation range, Rupak De, a Senior Technical Analyst at LKP Securities, stated that the prognosis for the Nifty 50 is still favorable. A bullish market is usually indicated by the fact that large-cap equities on Friday performed noticeably better than their mid- and small-cap counterparts. Large-cap equities often lead the charge in the early stages of a traditional bull market, with mid- and small-cap firms following.
Technically speaking, the Nifty 50 looks strong, indicating that there may be a substantial upside from here, and a “buy on dips” strategy could be helpful. Resistance is expected to be between 25,850 and 26,000, while support is solidly established at 25,500.
International Markets, Samvat 2082 Q2 results
According to Vinod Nair, Head of Research at Geojit Investments Ltd., strong domestic signals helped Indian equities end the week much higher, with benchmark indexes hitting new 52-week highs. Strong success in industries fueled by consumption and a general recovery in banking, healthcare, and real estate helped to fuel the surge. Reductions in concerns regarding the quality of assets in the banking industry and expected increases in volume growth during the holiday quarter further bolstered investor confidence.
As people looked for safe-haven investments due to global uncertainties including trade wars and deteriorating macroeconomic data, gold prices surged to previously unheard-of levels. Concerns about global discretionary spending and growing asset quality problems in the US banking industry, however, put pressure on IT equities. The stronger Indian Rupee, improved liquidity circumstances, and inflows of domestic investment helped to protect the domestic market from these external threats.
Stocks to purchase today
The following eight intraday stocks were suggested by market experts: HBL Engineering Ltd., Nippon Life India Asset Management Ltd., Indusind Bank Ltd., Reliance Industries Ltd. (RIL), Aditya Birla Capital Ltd., Electronics Mart India Ltd., Lemon Tree Hotels Ltd., and Zuari Industries Ltd. Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher.
Stock recommendations by Sumeet Bagadia
HBL Engineering Ltd: With a target price of ₹1,002, Bagadia advises purchasing HBL Engineering shares at ₹936 and setting a stop loss at ₹903.
Currently trading at 936, the price of HBL Engineering’s shares has recently reached an all-time high, indicating strong positive momentum. The stock closed at an all-time high after forming a rounded bottom formation and breaking out from the trend line on the weekly timeframe. As the stock keeps making higher highs and higher lows, the daily chart structure also stays positive, confirming the strength of the current uptrend. On the positive side, there is immediate resistance around ₹963, and a break above this level can set off a new short-term aim of ₹1,002.
Nippon Life India Asset Management Ltd:
With a target price of ₹977, Bagadia advises purchasing Nippon Life India shares at ₹913 and setting a stop loss at ₹881.
With strong volumes and a strong breakout from a protracted consolidation phase, the share price of Nippon Life India was trading at ₹913, indicating increased involvement and a substantial influx of new purchasers that have contributed to the momentum that has been building.
The stock is heading upward and is well-positioned above its 20, 50, 100, and 200-day EMAs, indicating strong underlying demand and confirming sustained strength over a number of periods.
Conclusion: Given the technical analysis and the state of the market, the price of Nippon Life India shares offers a good chance for investors who want to reach the ₹977 mark, as long as they have the right risk management plans in place.
Stocks of Ganesh Dongre to purchase now
Indusind Bank Ltd: Ganesh Dongre advises purchasing Indusind Bank stock at ₹753 with a stop loss at ₹740 and a target price of ₹770.
The share price of Indusind Bank has been showing a robust and steady upward trend, which suggests ongoing investor interest and upward price momentum. The stock has formed a strong support base at ₹735-740 and is currently trading at ₹753. Bullish mood is reinforced by the recent price action, which points to a reversal from this support, which has historically served as a cushion.
The technical setup suggests that there may be a short-term price retreat toward the ₹770–780 area. A strategic opportunity to profit from the anticipated upward trend is presented by entering at the current market price with a stop-loss at ₹740, given the regained strength and the attractive risk-reward ratio. As long as the stock stays above its main support zone, the prognosis is still favorable.
Reliance Industries Ltd (RIL):
Ganesh Dongre suggests purchasing RIL shares at ₹1,420 with a target price of ₹1,460 and a stop loss at ₹1,380.
The price of RIL shares has shown a strong, noteworthy, and ongoing bullish trend, providing short-term traders with yet another encouraging chance. With a current price of ₹1,420, the stock is holding a solid support level at ₹1,380. A price retreat towards the ₹1,460 level is possible, according to the technical setup. Entering at the present market price with a stop-loss at ₹1,380 gives a prudent way to profit from the expected upside as the stock is reversing from a support base and exhibiting signs of renewed strength.
Aditya Birla Capital Ltd:
Ganesh Dongre advises purchasing Aditya Birla Capital stock at ₹300, setting a stop loss at ₹290, and aiming for a share price of ₹320.
The share price of Aditya Birla Capital has shown a strong, noteworthy, and ongoing bullish pattern, providing short-term traders with yet another encouraging chance. The stock has a solid support at ₹290 and is now trading at ₹300.
A price retreat towards the ₹320 level is possible, according to the technical setup. Entering at the present market price with a stop-loss at ₹290 gives a sensible strategy to profit from the expected upside as the stock is reversing from a support base and exhibiting signs of renewed strength.
Shiju Koothupalakkal intraday stocks for today
Electronics Mart India Ltd: With a stop loss of 146 and a target price of 160, Shiju Koothupalakkal advises purchasing Electronics Mart shares at 149.20.
The share price of Electronics Mart has been stable around the crucial 50EMA zone at the 141 level, and a positive candle formation with improved bias suggests that the price will continue to grow in the days ahead. With plenty of upside potential visible and the ability to continue the upward move further ahead, the RSI has correctly corrected from the severely overbought zone and is now in a good position to recommend a buy. Given the technical attractiveness of the chart, we advise purchasing the stock with a stop loss at the 146 level and an upward objective of 160.
Lemon Tree Hotels Ltd:
Shiju Koothupalakkal suggests purchasing Lemon Tree Hotels stock at ₹166 with a stop loss of ₹162 and a target price of ₹177.
With a positive candle formation and notable volume participation, the share price of Lemon Tree Hotels has shown a series of higher bottom formations on the daily chart. It is currently taking support near the 50EMA zone at the 163 level, indicating further gains in the upcoming sessions. The RSI is in a good position, and since the bias is showing signs of improvement and there is a lot of upside potential apparent, we anticipate more gains to continue the upward trend in the future. Given the technically sound chart, we advise purchasing the stock with a stop loss of 162 and an upside target of 177.
Zuari Industries Ltd:
Shiju Koothupalakkal suggests purchasing Zuari Industries shares at ₹345.70, with a stop loss of ₹337 and a target price of ₹364.
Following a higher bottom formation on the daily chart, the share price of Zuari Industries has shown a bullish candle with significant volume participation, which is expected to strengthen the bias and lead to additional gains in the upcoming sessions. After cooling off from the extremely overbought area, the RSI is now in a good position to recommend a buy and continue the upward trend. Given the technically sound chart, we advise purchasing the stock with a stop loss at 337 and an upside objective of 364.
